Stephen Wynn Tells the Truth
As CEO of Wynn Resorts, Stephen Wynn held a conference call with investors today to discuss the company's second quarter results. SeekingAlpha.com published the transcript. Take a look at this exchange--and bear in mind that Wynn is a Democrat:
William Lerner - Deutsche Bank Securities
[T]here's not an inch of meeting square footage left in Las Vegas, and as we think about limited or no supply over the next several years, being added back to Las Vegas, does it not make sense to expand your meeting square footage? I know you can do it east of country club or in that area?
Stephen Wynn
Well, here's our problem. There are a host of opportunities for expansion in Las Vegas, a host of opportunities to create tens of thousands of jobs in Las Vegas. I know that I could do 10,000 more myself and according to the Chamber of Commerce and the Visitors Convention Bureau, if we hired 10,000 employees, it would create another 20,000 additional jobs for a grand total of 30,000. I believe in Las Vegas. I think its best days are ahead of it. But I'm afraid to do anything in the current political environment in the United States.
You watch television and see what's going on, on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing's going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating. And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems -- that keeps using that word redistribution.
Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money.
Everybody complains about how much money is on the side in America. You bet. And until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don't want to say that. They'll say, "Oh God, don't be attacking Obama." Well, this is Obama's deal, and it's Obama that's responsible for this fear in America. The guy keeps making speeches about redistribution, and maybe we ought to do something to businesses that don't invest or holding too much money. We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government, and there's no need to soft peddling it, it's the truth. It is the truth.
And that's true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.
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Apr '11
Re: Stephen Wynn Tells the Truth
Peter, absolutely brutal. I'm sure we will see it in the MSM tomo....oh wait, never mind. Couple this with Stanley Kurtz's posts about R2P over at The Corner today on NRO and it paints a clear picture of what Obama is and is doing to the country. Like my brother says, hopefully the Zombie Apocalypse is soon and we can draft Zombie Calvin Coolidge for President. Fingers crossed.
Apr '11
Re: Stephen Wynn Tells the Truth
Thanks for that Peter, Now can we get Steve Wynn on every Sunday talk show this weekend to reaffirm what he said in this conference call. How can anyone refute his honesty especially given the fact he declares himself a democrat.
Re: Stephen Wynn Tells the Truth
A Democrat--and a supporter of Harry Reid!
Apr '11
Re: Stephen Wynn Tells the Truth
Peter, in the parlance of gambling, admitting you support Harry Reid is declaring your a democrat "the hard way" I believe.
Jul '11
Re: Stephen Wynn Tells the Truth
Harry Reid is a very scary man. Scary enough that my wife begged me to retract the original post out of fear for our business. Steve Wynn, like all big businessmen in Nevada, has little choice but to support him.
Edited on Jul 18, 2011 at 11:05pmDec '10
Re: Stephen Wynn Tells the Truth
He's a businessman who's made a great deal of money and built a gigantic company.
He may be a Democrat, but he's the old kind that still believed in capitalism.
I've been wondering for years now, why these big business fools would bed down with people who openly advocate for their demise.
Apparently, Mr. Wynn has finally smelled what's brewing, and he's realized that it's NOT coffee.
One down, ~35,000 to go.
May '11
Re: Stephen Wynn Tells the Truth
Mr Wynn is just saying what almost every other businessman in the country is thinking at the moment. The main obstacle to an economic recovery is the danger that Obama might still be in office for six more years, but that simple message just doesn't get heard. Republicans need to do a much better job of pointing out how much damage Obama does with his anti-business rhetoric.
How about agreeing to a "clean" deal to raise the debt ceiling - provided Obama agrees to announce that he will not seek a second term ? Won't happen of course, but that's how the debate needs to be framed.
Jul '10
Re: Stephen Wynn Tells the Truth
There's no spinning that one. That was a body blow to the administration's pretensions of having economic acumen.
May '10
Re: Stephen Wynn Tells the Truth
At this stage, barring Obama and Congress agreeing to do something as radical as a slashing corporate tax rates, almost nothing will change until Obama is gone. Almost no action is going to change the psychology of business-fear that now reigns. Only Obama's departure will do that.
Feb '11
Re: Stephen Wynn Tells the Truth
This should be everywhere. Which means it will be nowhere.
Jan '11
Re: Stephen Wynn Tells the Truth
Mr. Wynn, you can kiss that Obamacare waiver goodbye.
Edited on Jul 19, 2011 at 12:49amMar '11
Re: Stephen Wynn Tells the Truth
I have no sympathy for Mr Wynn - what did he expect? Adam Smith?
Joe the Plumber knew better what was coming - socialism, well-disguised.
Edited on Jul 19, 2011 at 2:10amMar '11
Re: Stephen Wynn Tells the Truth
A searing indictment and very concisely and straightforwardly put.
Re: Stephen Wynn Tells the Truth
Peter Robinson
A Democrat--and a supporter of Harry Reid! · Jul 18 at 10:36pm
The gambling industry owns Harry Reid.
Dec '10
Re: Stephen Wynn Tells the Truth
Wynn - What a name for a gambling executive.
Sep '10
Re: Stephen Wynn Tells the Truth
Steve Wynn is the undisputed master of the high end casino business in Las Vegas. Booted out of the Mirage by Kirk Krekorian, he came back to seek his revenge and Kirk Krekorian is where, exactly? As part of the "New" higher end Las Vegas, Wynn's business interests are now unusually sensitive to downturns in the the economy, because he's positioned as a luxury Casino provider. And their unemployment rate has been awful since the recession began. For the workers, where do you go for employment once you've been laid off from the hotel and entertainment industry? Answer: out of state.
Edited on Jul 19, 2011 at 5:23amNov '10
Re: Stephen Wynn Tells the Truth
The best days might be ahead for Las Vegas, but it will not be because of me. Any thoughts I ever had of going there were squashed by the reelection of Harry Reid. Given the unemployment rate, housing debacle and general economic devastation that has hit Nevada, the fact that Reid was reelected just shows me that Nevada is not "owned" by the people.The irony is, if not for the economic disaster of CA, where business has been fleeing to states like Nevada, the economic devastation would be much worse.
May '10
Re: Stephen Wynn Tells the Truth
Big Business loves Big Government. Big Business has the resources to buy the legislation they want. It keeps small business small. There are hundreds of regulations that are tied to the number of employees one has.
For the gaming industry, the voracious appetite of the Democrats to spend, spend, spend is good business. Desperate for new revenues, they have opened up virtually every state in the Union to the casinos.
May '10
Re: Stephen Wynn Tells the Truth
I was about to comment on the intellectual gymnastics necessary to support Reid while fearing Obama. Thanks for the insight.
Aug '10
Re: Stephen Wynn Tells the Truth
Peter Robinson
A Democrat--and a supporter of Harry Reid! · Jul 18 at 10:36pm
I heard the audio on my way to the office, he was vehement, absolutely vehement.
This was his tone in each of the statements you emphasized. Especially "And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime".